Politics

The Consumer Financial Protection Bureau and the Justice Department warned banks and other lenders that credit applicants cannot be rejected due to their immigration status.

Unfair regulations must be challenged, and bankers are increasingly turning to lawsuits to do so, writes Ken Thomas, president of Community Development Fund Advisors.

The proposals appear "somewhat bizarrely" to be a response to the problems at U.S. regional banks in March, according to Citigroup Chairman John C. Dugan.

The new Federal Trade Commission proposal would require companies to disclose whether any fees are refundable up-front and would ban hidden or misleading fees.

Federal Reserve Gov. Michelle Bowman shared some of her more pointed skepticisms about potential capital changes in a speech Wednesday, saying enhanced requirements could increase systemic risk.

The Consumer Financial Protection Bureau alleged in a lawsuit that the nonbank lender violated a 2019 consent order and submitted incorrect information in 2020.

Consumer Financial Protection Bureau Director Rohit Chopra said the CFPB is enforcing a long-dormant provision of Dodd-Frank in its advisory opinion prohibiting banks from charging fees to obtain basic account information.

The Federal Deposit Insurance Corp. issued a proposal requiring larger banks to implement a three-line-of-defense risk management model and increased board independence in response to observed weaknesses in corporate governance during past financial crises and recent bank failures.

The shape it takes could have implications for how Fannie Mae and Freddie Mac price loans for nonbanks and depositories.

A lack of accurate information about banks' inner workings is meant to protect banks and instill market discipline. But it probably makes everything worse.

In a letter to Federal Reserve Chair Jerome Powell, 10 members of the committee demanded answers about how supervisory information was made public.

The promises made by supporters of the Credit Card Competition Act don't account for all of the ways in which it could actually increase the cost of doing business.

In spite of rising borrowing costs, the US economy has shown surprising resilience. The labor market added 336,000 jobs in September, according to fresh data published Friday.

The Fed's meteoric increase in the federal funds rate over the last 18 months has left banks holding billions in unproductive investment securities. Helping them would be good for the economy.

The Federal Reserve's top regulator cited the financial crisis of 2008 repeatedly in a speech about the merits of new risk-capital standards — proposals that have drawn unprecedented fire from banking trade groups and members of Congress.

"The inflation rate is still too high, the level of inflation remains high, but at least we're seeing progress on it," Mester said Friday during an interview with CNN International.

Federal Reserve Gov. Christopher Waller said during a payments conference at the Brookings Institution Friday that the FedNow payments system has already enlisted "well over 100" depository institutions for the service and expects that number to grow.

Speaking at the Brookings Institution Friday morning, Consumer Financial Protection Bureau director Rohit Chopra warned that, absent intervention, the U.S. payments system could evolve to resemble that of China, where commerce and payments are deeply intertwined.

If the industry keeps consolidating at its current rate, there will be roughly 500 banks in 20 years. That will likely mean the loss of competition and choice for customers in some markets.

The Federal Reserve vice chair for supervision said advancements in technology could put banks in a "constant struggle" to stay ahead of hackers and other bad actors.